Introduction
On 25 October 2022, the Monetary Authority of Singapore
("MAS") issued a consultation paper
containing its proposals for a Domestic Systemically Important
Insurers ("D-SIIs") framework with the
primary aim to assess the systemic importance of insurers and
identify a D-SII, and apply relevant policy measures to a D-SII to
address the specific negative externalities that a D-SII can
potentially pose as a result of its distress or failure. The
consultation ends on 30 November 2022, and MAS proposes to
implement the D-SII framework on 1 January 2024.
The proposed D-SII framework complements MAS' current
risk-based supervisory framework of financial institutions
("FIs") that is based on the impact and
risk model,1 i.e. one that considers the impact of a FI within each
financial services sector and its risk. MAS calibrates its
supervision of a FI based on the relative systemic importance and
relative risk profile of the FI. Currently, specific to the
